All Jaeger stores and concessions to close after M&S deal
The joint administrators of Jaeger have confirmed that all 63 of the fashion retailer’s stores and concessions will close and that 233 staff will be made redundant following its acquisition by Marks & Spencer.
The redundancies will include 22 head office staff and 211 store employees, many of whom have already been on furlough. However, six head office and seven warehouse staff have been retained.
Marks & Spencer has agreed to buy Jaeger’s brand and stock for an undisclosed sum.
Tony Wright, joint adminstrator and partner at FRP, said: “The transaction with Marks & Spencer provides a future for this well know brand and, in competition with a number of bids, has provided the best outcome for creditors.
“Unfortunately, we will now progress with the permananent clsoure of the remaining store portfolio and work with the affected staff to access redundancy payment and support.”
Previously owned by Philip Day’s Edinburgh Woollen Mill Group, Jaeger entered administration in November.
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